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Alliance Global Said to Market Sale of $400 Million of Bonds

Alliance Global Group Inc., the Philippines-listed company with interests in food and property, plans to sell $400 million of seven-year bonds as soon as this week, according to a person familiar with the matter.

The company is marketing the notes to yield between 6.625 percent and 6.75 percent, said the person, who asked not to be identified because the details are private.

UBS AG is managing the sale for Alliance Global Group Cayman Islands Inc., Alliance said in a filing to the Philippine Stock Exchange yesterday. Money raised will be used to finance projects and pay back debt, it said, without being more specific.

Alliance Global has the equivalent of $44 million in loans outstanding, according to data compiled by Bloomberg. The term loan denominated in Philippine pesos was arranged in 2008 and matures next year, the data show.

Alliance Global fell 4 percent to 6.17 pesos as of 12:09 p.m. local time, set for the steepest loss since May 5. The benchmark Philippine Stock Exchange Index declined 1.13 percent.

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